Cashfree: Cashfree launches risk management and fraud prevention tool RiskShield

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Bengaluru-based payment aggregator Cashfree Payments has launched a real-time risk management solution ‘RiskShield‘, which the company claims can help reduce fraudulent activities by up to 40%.

The online merchant-focused payment player will allow the users of this product to block transactions from specific mobile numbers, email addresses, IP addresses, Card BIN, UPI handles, and card numbers ensuring better risk management and fraud compliance, the company said in a release today.

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It will also allow merchants to set restrictions on the frequency and cumulative amount of transactions per customer or payment instrument within specified timeframes.

“This product is a result of years of Cashfree Payments’ research and analysis of high risk transactions into a set of tools that merchants can now use as a complete risk management solution through which they can curb cybercrime,” chief executive officer Akash Sinha said.

It uses artificial intelligence (AI) and machine learning algorithms across its merchant network to detect fraudulent transaction patterns, protecting merchants from potential losses and legal risks. Additionally, it assists businesses in minimising chargebacks and disputes.

Ramkumar Venkatesan, chief technology officer, Cashfree Payments said, “Businesses either completely neglect investment in risk and fraud detection tools or even if they have the tools, they lack real-time payment-blocking features and suggested rules for implementation.”

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According to the company, merchants using Cashfree Payments’ orchestration platform FlowWise introduced last year can incorporate RiskShield to prevent fraudulent transactions across various payment aggregators.The Y Combinator and State Bank of India-backed company saw its revenue from operations rising 75% on year to Rs 614 crore in FY23, while it recorded a loss of Rs 133 crore in FY23, a significant jump from Rs 3 crore in the previous year.

It generates its revenue from the processing fees charged for its payment gateway services offered to online merchants.

On December 20, ET reported that Cashfree Payments had received approval from the Reserve Bank of India to operate as a payment aggregator and resumed the process of onboarding new merchants, following a nearly year-long regulatory ban.

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